Bitfury Group signs memorandum to introduce blockchain technology in Georgia

Bitfury and the National Agency of Public Registry of Georgia have signed a Memorandum of Understanding.

According to which they will extend services to purchases and sales of land titles, the registration of new land titles, mortgages as well as rentals and notary services. This is reported by Forbes.

Currently, this initiative is not the only project that focuses on Blockchain land title services. Similar systems have been established in Sweden, Honduras and Cook County, Chicago. The Peruvian economist Hernando de Soto estimates that there is "dead capital", which consists of buildings and lands without legal title, of $20 trillion globally.

Chairman of the Georgian National Agency of Public Registry Papuna Ugrekhelidze stated that her agency followed technical progress and looked forward to continuing fruitful collaboration with Bitfury.

"Already this summer we will be able to run a secure and efficient bloсkchain system of real estate registration," Minister of Justice of Georgia Thea Tsulukiani commented on the signing of a memorandum.

Btfury CEO Valery Vavilov, in his turn, said that the Georgian government convinced that the blockchain technology could be easily implemented in existing systems.

ʺWe are now in the first phase of a beta stage, and a software package will be ready for work this year. Our primary goal is to ensure that Georgian citizens can use it 24/7 and all transactions are secured, transferrable and accountablem,ʺ Valery Vavilov said.

Also, Bitfury is planning a transition of such services as notary and escrow (a document that acquires a formal quality of a document under seal only when certain conditions are met) in Blockchain.

The Georgian authority reported about its readiness to the transition to the Blockchain technology in December 2016.

It should be reminded that HashCoins, a company known for cloud mining service Hashflare, has recently announced the development of Blockchain projects: accounting services of vehicles and their components, password-free authorization and a service called “Blockchainizer”.